SEOUL - A new round of social distancing rules took effect on Tuesday in the South Korean capital of Seoul, dealing a blow to small business owners despite brighter hopes for economic recovery after earlier success in battling the coronavirus.
The"emergency pause" in activity in the densely-populated capital and surrounding areas aims to damp a resurgence in outbreaks in offices, schools and small gatherings that have combined to drive a third wave of infections. But the revival of financial asset prices has shown little spillover into the real economy, as owners of small businesses and street shops shut down in the face of the new restrictions.
The usual bustling activity and long queues in many of Seoul's shopping streets and nightlife areas was missing on Monday evening. The government has yet to propose a new round of stimulus measures, but on Tuesday the main opposition party called for billions of dollars to be diverted from next year's budget proposal as subsidies for those hit by the pandemic.
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